Whales are currently finding the perfect opportunity to amass Bitcoin (BTC), as stated by Ki Young Ju, CEO of CryptoQuant, a digital asset analytics firm. Addressing his 350,800 followers on X, Ju maintains that despite recent “boring” price movements, Bitcoin remains within a bullish trajectory.

“The Bitcoin market is currently experiencing low volatility and diminished interest from both buyers and sellers. Retail liquidity for exiting positions isn’t prepared. This environment presents an ideal window for whales to accumulate BTC. We are still firmly in a bullish cycle. What some perceive as ‘boring’ presents an opportunity.”

Ju also observed an accumulation trend among whales, noting last week that Bitcoin miners were hedging against price downturns by diversifying into other cryptocurrencies.

“The Bitcoin hashprice has hit an all-time low, prompting many mining firms to scale back investments in mining rigs and diversify into other Proof-of-Work (PoW) coins to mitigate market uncertainties. However, this does not signify the end of the cycle. Their actions are more about hedging and waiting for liquidity on the buy side to rebound, in my estimation.”

Hashprice, representing the daily expected value of 1 TH/s of hashing power, quantifies potential earnings from mining activities.

At the time of writing, Bitcoin is trading at $60,402, marking a slight decline of nearly 3% over the past 24 hours.

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[Image credit: Midjourney]

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